Silver price loses ground for the third consecutive session, trading lower near $24.90 per troy ounce during early European trading hours on Wednesday.
Silver price extends losses amid a market caution on Wednesday. Fed is widely expected to maintain its current interest rates at March’s meeting. The prolonging of higher interest rates dampens metal prices including Silver. Silver price encounters challenges as the market adopts a cautious stance ahead of the Federal Reserve interest rate decision. The Fed is widely expected to maintain its current interest rates at March’s policy meeting.
Inflationary pressures from the United States prompted a readjustment of the probability of interest rate cuts in the June and July meetings by the Fed to around 59.2% and 76.0%, respectively. The prospect of higher interest rates has diminished the appeal of non-yielding assets like Silver. Nevertheless, Silver could have received support from rising geopolitical tensions and an improved industrial outlook from China, the top metals consumer.
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